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September 19, 2026 – Petróleo Brasileiro S.A. - Petrobras announces that its Board of Directors, at a meeting held this Friday, September 18, approved the Company’s participation in the economic subsidy program for producers and importers of diesel fuel and its blending components, established by Provisional Measure No. 1,391, dated September 11, 2026. The Company’s... Continue Reading →
Sept. 16 (oilprice.com) Argentina's controversial right-wing president, Javier Milei, slashed inflation with a brutal dose of economic austerity, but this came at a steep social cost. The cost of living is spiraling higher, fueling household debt, loan delinquencies, and economic hardship. Industrial output, since Milei took office, has declined sharply, with local companies closing at... Continue Reading →
Sept 16 (Reuters) - Brazilian state-run oil firm Petrobras said on Wednesday it will hike diesel prices to distributors by an average of 1 real ($0.1941) per liter as of Thursday, while also giving a discount of the same amount. As a result of the moves, which followed the company's decision to enroll in a... Continue Reading →
Aug 31 (Reuters) - A massive long-term oil deal expected to grant the U.S. access to a fifth of Venezuela's crude reserves has energy experts and lawyers questioning its legality and eventual execution, while calling on both governments for contract transparency. The unprecedented pact, announced by U.S. President Donald Trump on Friday and confirmed by Venezuela's interim... Continue Reading →
Aug 27 (Reuters) - Brazil's oil export tax was thrown into uncertainty on Thursday after a local court ordered the suspension of the levy while the government's foreign trade chamber approved extending it for another 60 days. The conflicting moves leave the future of the 12% tax, which is being challenged by oil companies, unclear... Continue Reading →
Aug 18 (Reuters) - Guyana is now entitled to 39.8% of crude production from a large ExxonMobil-led offshore project, the country's President Irfaan Ali said on Tuesday. The change - expected to greatly increase the country's oil revenue - comes after the Exxon-led consortium, the only one producing oil and gas in Guyana, recovered the... Continue Reading →
Aug 10 (Reuters) - Argentina's state oil firm YPF on Monday reported a net profit of $1.21 billion in the second quarter of 2026, compared with $58 million seen a year earlier, citing higher shale production, record processing levels and a hike in international prices. The state-run producer's revenues reached $6.57 billion during the April-to-June... Continue Reading →
July 31 (Reuters) - An ExxonMobil-led joint venture has recovered the billions of dollars it invested to develop a large oilfield in Guyana, its chief financial officer told Reuters, and the South American country will now receive more oil money. Guyana's Stabroek Block, estimated to hold at least 11 billion barrels of oil equivalent, has become... Continue Reading →
July 29 (Reuters) - The Paraguana Refining Center in Western Venezuela once symbolized the country's oil wealth and its ambition to turn vast crude reserves into fuels and export revenue. Today, the 955,000-barrel-per-day complex in Falcon state runs at a fraction of capacity, a decline decades in the making and unrelated to the strong earthquakes... Continue Reading →
July 24 (Reuters) - Brazil's fuel-price subsidies will cost an estimated 1.3 billion reais ($256 million) a month for gasoline and 5.5 billion reais for diesel, Planning and Budget Minister Bruno Moretti said on Friday. Speaking at a press conference on the government's fiscal projections, Moretti said the measures were temporary and would be withdrawn... Continue Reading →
